No Smoking Revel Going Up in Smoke with Bankruptcy
Simply times short of a year since it opened to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to declare bankruptcy, based on federal securities regulators’ disclosure statements the casino filed earlier this week. Through the secret of high finance sleight-of-hand, some $1.5 billion in staggering financial obligation will now be converted into $1 billion in equity for the casino’s eager creditors, and a new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) will take the reins over of this faltering mare.
Resignations Certainly Are a deal that is good
Hartman takes over for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this isn’t Japan, or there is entrails that are intestinal the penthouse towards the parking lot by now. Nope, this is America, the place where a smartly negotiated contract whenever you sign up gets that you ride that is well-paid you are axed; therefore DeSanctis and Garrity not merely reach stay on with the Revel brand, they can also look ahead to about $7 million in consulting charges for the remainder year. Is that each or together? We’re not certain, but our hat goes off to their attorneys: well-played, counselors, well-played!
Although Atlantic City overall was in a financial nosedive recently (attributed to everything from Hurricane Sandy to a confusing marketing platform [Read more…] about No Smoking Revel Going Up in Smoke with Bankruptcy